--- schema_version: "secwatch.filing_event.v1" accession: "0001770373-25-000057" form_type: "8-K" ticker: null cik: "0001770373" company_name: "Carvana Receivables Depositor LLC" filed_at: "2025-11-26T23:59:59+00:00" generated_at: "2026-05-16T16:32:43.653037+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.5 calibrated_materiality_score: 0.5 confidence: "high" source: SEC EDGAR --- # Carvana closes auto loan securitization 2025-P4, issues multiple note classes ## Summary - Issued Class A-1/A-2/A-3/A-4, B, C, D notes plus $20.563M Class N notes and XS notes under Rule 144A. - Certificates (100,000 units) sold to QIBs; Carvana retained 5% of Certificates and Class N notes. - Proceeds used to purchase auto retail installment contracts from Carvana. - Closing date November 25, 2025; trust, indenture, and servicing agreements executed. ## SEC filing metadata - accession: 0001770373-25-000057 - form_type: 8-K - cik: 0001770373 - company_name: Carvana Receivables Depositor LLC - filed_at: 2025-11-26T23:59:59+00:00 - event_type: debt - sentiment: neutral - materiality_score: 0.5 - calibrated_materiality_score: 0.5 - confidence: high - sec_items: 1.01, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/0001770373-25-000057-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/crvna2025-p4xform8xkreclos.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001770373-25-000057 - JSON: https://secwatch.observer/filing/0001770373-25-000057.json - Plain text: https://secwatch.observer/filing/0001770373-25-000057.txt ## Key facts - Material Agreements Carvana Receivables Depositor LLC entered into Receivables Transfer Agreement with Carvana Auto Receivables Trust 2025-P4 (Issuing Entity) valued at Transfer of Receivables from Depositor to Issuing Entity. (effective 2025-11-25). - Action: entry - Agreement: asset purchase - Counterparty: Carvana Auto Receivables Trust 2025-P4 (Issuing Entity) - Value: Transfer of Receivables from Depositor to Issuing Entity. - Effective: 2025-11-25 source text: 2. A Receivables Transfer Agreement (the “ Receivables Transfer Agreement ”), by and between the Depositor and the Issuing Entity, pursuant to which the Receivables were transferred by the Depositor to the Issuing Entity. evidence_url: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/0001770373-25-000057-index.htm - Material Agreements Carvana Receivables Depositor LLC entered into Collateral Custodian Agreement with Computershare Trust Company, National Association valued at Custody of documents evidencing the Receivables. (effective 2025-11-25). - Action: entry - Agreement: notes offering - Counterparty: Computershare Trust Company, National Association - Value: Custody of documents evidencing the Receivables. - Effective: 2025-11-25 source text: 9. A Collateral Custodian Agreement (the “ Collateral Custodian Agreement ”), by and among the Issuing Entity, the Grantor Trust, Carvana, as administrator, the Servicer, Computershare Trust Company, National Association, acting through its custody division, as collateral custodian (in such capacity, the “ Collateral Custodian ”), and the Indenture Trustee, pursuant to which the Collateral Custodian agrees to act as collateral custodian for the documents evidencing the Receivables. evidence_url: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/0001770373-25-000057-index.htm - Material Agreements Carvana Receivables Depositor LLC entered into Receivables Purchase Agreement with Carvana, LLC valued at Sale of specified fixed rate retail installment contracts used to finance the purchase of used cars (effective 2025-11-25). - Action: entry - Agreement: asset purchase - Counterparty: Carvana, LLC - Value: Sale of specified fixed rate retail installment contracts used to finance the purchase of used cars - Effective: 2025-11-25 source text: 1. A Receivables Purchase Agreement (the “ Receivables Purchase Agreement ”), by and between Carvana, LLC, as seller (“ Carvana ”) and Carvana Receivables Depositor LLC (the “ Depositor ”), pursuant to which specified fixed rate retail installment contracts used to finance the purchase of used cars and light duty trucks that were originated by Carvana (the “ Receivables ”) were sold by Carvana to the Depositor. evidence_url: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/0001770373-25-000057-index.htm - Material Agreements Carvana Receivables Depositor LLC entered into Amended and Restated Grantor Trust Agreement with BNY Mellon Trust of Delaware valued at Governance of the Grantor Trust. (effective 2025-11-25). - Action: entry - Counterparty: BNY Mellon Trust of Delaware - Value: Governance of the Grantor Trust. - Effective: 2025-11-25 source text: 5. An Amended and Restated Grantor Trust Agreement (the “ Grantor Trust Agreement ”), by and between the Issuing Entity and BNY Mellon Trust of Delaware, as grantor trust trustee (the “ Grantor Trust Trustee ”), pursuant to which the Grantor Trust will be governed. evidence_url: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/0001770373-25-000057-index.htm - Material Agreements Carvana Receivables Depositor LLC entered into Amended and Restated Trust Agreement with BNY Mellon Trust of Delaware valued at Governance of the Issuing Entity. (effective 2025-11-25). - Action: entry - Counterparty: BNY Mellon Trust of Delaware - Value: Governance of the Issuing Entity. - Effective: 2025-11-25 source text: 4. An Amended and Restated Trust Agreement (the “ Trust Agreement ”), by and between the Depositor and BNY Mellon Trust of Delaware, as owner trustee (the “ Owner Trustee ”), pursuant to which the Issuing Entity will be governed. evidence_url: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/0001770373-25-000057-index.htm - Material Agreements Carvana Receivables Depositor LLC entered into Asset Representations Review Agreement with Clayton Fixed Income Services LLC (Asset Representations Reviewer) valued at Review of receivables for compliance with representations and warranties upon trigger events. (effective 2025-11-25). - Action: entry - Counterparty: Clayton Fixed Income Services LLC (Asset Representations Reviewer) - Value: Review of receivables for compliance with representations and warranties upon trigger events. - Effective: 2025-11-25 source text: 11. An Asset Representations Review Agreement (the “ Asset Representations Review Agreement ”), by and among the Issuing Entity, the Grantor Trust, Carvana, as administrator and as sponsor, the Servicer and Clayton Fixed Income Services LLC, as asset representations reviewer (the “ Asset Representations Reviewer ”), pursuant to which the Asset Representations Reviewer agrees to perform, upon satisfaction of certain trigger events, reviews of certain receivables for compliance with the representations and warranties made by Carvana about such Receivables. evidence_url: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/0001770373-25-000057-index.htm - Material Agreements Carvana Receivables Depositor LLC entered into Administration Agreement with Carvana, LLC valued at Provision of ministerial functions to Issuing Entity and Grantor Trust. (effective 2025-11-25). - Action: entry - Agreement: notes offering - Counterparty: Carvana, LLC - Value: Provision of ministerial functions to Issuing Entity and Grantor Trust. - Effective: 2025-11-25 source text: 10. An Administration Agreement (the “ Administration Agreement ”), by and among the Issuing Entity, the Grantor Trust, Carvana, as administrator, and the Indenture Trustee, pursuant to which Carvana agrees to provide certain ministerial functions to the Issuing Entity and Grantor Trust. evidence_url: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/0001770373-25-000057-index.htm - Material Agreements Carvana Receivables Depositor LLC entered into Indenture with Computershare Trust Company, National Association valued at Issuance of the Offered Notes. (effective 2025-11-25). - Action: entry - Agreement: notes offering - Counterparty: Computershare Trust Company, National Association - Value: Issuance of the Offered Notes. - Effective: 2025-11-25 source text: 6. An Indenture (the “ Indenture ”), by and among the Issuing Entity, the Grantor Trust and Computershare Trust Company, National Association, as indenture trustee (the “ Indenture Trustee ”), pursuant to which the Issuing Entity issued the Notes. evidence_url: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/0001770373-25-000057-index.htm - Material Agreements Carvana Receivables Depositor LLC entered into Servicing Agreement with Bridgecrest Credit Company, LLC (Servicer) valued at Servicing of the Receivables. (effective 2025-11-25). - Action: entry - Agreement: notes offering - Counterparty: Bridgecrest Credit Company, LLC (Servicer) - Value: Servicing of the Receivables. - Effective: 2025-11-25 source text: 7. A Servicing Agreement (the “ Servicing Agreement ”), by and among the Issuing Entity, the Grantor Trust, the Indenture Trustee, Bridgecrest Credit Company, LLC, as servicer (the “ Servicer ”), and Vervent Inc., as backup servicer (the “ Backup Servicer ”), pursuant to which the Servicer will perform certain servicing functions related to the Receivables. evidence_url: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/0001770373-25-000057-index.htm - Material Agreements Carvana Receivables Depositor LLC entered into Backup Servicing Agreement with Vervent Inc. (Backup Servicer) valued at Backup servicing upon replacement of Servicer. (effective 2025-11-25). - Action: entry - Counterparty: Vervent Inc. (Backup Servicer) - Value: Backup servicing upon replacement of Servicer. - Effective: 2025-11-25 source text: 8. A Backup Servicing Agreement (the “ Backup Servicing Agreement ”), by and among the Issuing Entity, the Grantor Trust, the Servicer and the Backup Servicer, pursuant to which the Backup Servicer will perform certain servicing functions upon replacement of the Servicer. evidence_url: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/0001770373-25-000057-index.htm - Material Agreements Carvana Receivables Depositor LLC entered into Receivables Contribution Agreement with Carvana Auto Receivables Grantor Trust 2025-P4 (Grantor Trust) valued at Contribution of Receivables from Issuing Entity to Grantor Trust. (effective 2025-11-25). - Action: entry - Agreement: asset purchase - Counterparty: Carvana Auto Receivables Grantor Trust 2025-P4 (Grantor Trust) - Value: Contribution of Receivables from Issuing Entity to Grantor Trust. - Effective: 2025-11-25 source text: 3. A Receivables Contribution Agreement (the “ Receivables Contribution Agreement ”), by and between the Issuing Entity and Carvana Auto Receivables Grantor Trust 2025-P4 (the “ Grantor Trust ”), pursuant to which the Receivables were transferred by the Issuing Entity to the Grantor Trust. evidence_url: https://www.sec.gov/Archives/edgar/data/1770373/000177037325000057/0001770373-25-000057-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.